Zim, 🇨🇳China Seal $1bn Power🤝 Deal, Investment to ✨Create 25,000 Jobs

  |   Zimbabwe / Zimbabwe News

Image Credits: The Herald

Zimbabwe yesterday signed a $1 billion deal with Sinosteel Corp in a development that will see the Chinese firm building a 400 megawatt coal bed methane-fired power plant in Matabeleland North Province and setting up new ferrochrome smelters at Zimasco.

The investment, with potential to create nearly 25 000 jobs, will be implemented in phases.

The first phase involves the drilling of two Coal Bed Methane (CBM) wells at the Shangani grants to fire a 12MW pilot power station, President Mnangagwa told reporters at a signing ceremony.

Under the second phase, more productive wells will be drilled and a 400 MW plant set up.

Sinosteel agreed to build two ferrochrome smelters in Zvishavane and another one in Kwekwe, where it already operates the country’s largest ferrochrome plant.

Mines and Mining Development Minister Winston Chitando signed the deal on behalf of the Government, while the Chinese firm was represented by its president Andong Liu.

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